Company profile
SEC EDGAR ↗- Industry
- Cigarettes
- Listed
- NYSE: PM
- Incorporated
- VA
- Headquarters
- Stamford, CT
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $40.6B
- Net income
- $11.3B
- Total assets
- $69.2B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $40.6B | $11.3B | $69.2B |
| FY2024 | $37.9B | $7.06B | $61.8B |
| FY2023 | $35.2B | $7.81B | $65.3B |
| FY2022 | $31.8B | $9.05B | $61.7B |
| FY2021 | $31.4B | $9.11B | $41.3B |
| FY2020 | $28.7B | $8.06B | $44.8B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
3 verified Decision Records on Philip Morris International, and the casebook each one belongs to.
| Fork date | Decision type | What Philip Morris International chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 1988 | The Cross-Subsidy | Buy Kraft at raised bid | Altria distributed roughly 88.9% of Kraft it still held (2007-03) | Read the story → | The Cross-Subsidy Casebook → |
| 2014 | Cannibalization Choice | Cannibalize with IQOS | ITC ruled IQOS infringed two patents and ordered PMI to halt US imports and sales (2021-09) | Read the story → | Cannibalization Choice Casebook → |
| 2022 | Adjacency Expansion | Acquire Swedish Match | substantive review initiated; no order granted (2025-06) | Read the story → | Adjacency Expansion Casebook → |
Run one of these yourself
The decisions Philip Morris International faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Decision ForksThe CannibalizationShould you launch the thing that takes revenue from your best business?See the pack →Business ModelThe Cross-SubsidyWhich unit pays for the others, and has anybody ever approved it?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
PMI's $16 Billion Swedish Match Deal Bought ZYN's 74% Share and a Return to America
PMI's $16 billion Swedish Match deal looks like a bet on nicotine pouches. It was really a return ticket: spun off from Altria in 2008 with no US footprint, PMI bought ZYN's 74%+ market share because it had no organic way to earn one.
8 min
The Cannibalization Choice · Growth & Portfolio
Philip Morris Set Out to Kill Its Own Cigarette. It Got Halfway, and the Half That Stalled Tells You Why.
PMI staked over $16 billion since 2008 on a device meant to replace Marlboro. By FY2025 smoke-free products were 41.5% of revenue and IQOS had outsold Marlboro for a quarter — but combustibles still pay the bills, and one patent loss froze the whole plan out of America.
8 min
The Cross-Subsidy · Business Model
Philip Morris paid $13.1 billion for Kraft in 1988 — and gave 88.9% of it back to shareholders in 2007
In October 1988 Philip Morris raised its bid to $106 a share, roughly $13.1 billion, to win Kraft with cigarette cash flow. Nineteen years later Altria handed almost all of Kraft back — not because the cash was no longer needed, but because tobacco lawsuits were taxing the food.
7 min